The Higher Utility ~ The Zinc token

{Coinception Part 3}

Zinc has created a utility token called the “Zinc token” (Zinc). Zinc is an ERC20 token and will be distributed in the coinception crowdsale events. The Coinception sale is Zinc’s take on an ICO. We’re bringing legitimacy to this frenzied way of funding by distributing a small supply of tokens over 3 token sales or Coinception events. The Coinception events help us to acquire actors for our network in a measured and transparent fashion. Read more about the Coinception framework in part 1 and 2.

Zinc has 4 utilities…

1. Zinc will be used by companies or recruiters in order to contact workers in the network and in order to request sharing work profiles. Workers can earn this Zinc fee by replying and sharing their Zinc profile. Zinc becomes the medium of exchange for sharing work/skills based data.

2. Zinc is the sole payment method for companies and recruiters who wish to screen prospective workers through our referencing & rating dApp (already beta tested).

3. Zinc will be used by workers in order to turn their Zinc profile into a live shareable URL. This could be used as your own web page or CV. For this option, there is a monthly subscription fee in Zinc.

4. Zinc gives you voting rights in all decisions made by the Zinc Community. Anyone who has a stake in Zinc has an influence on the decentralised organisation.

Diminishing nature: Up to 50% of the referencing transaction can be earned by the referee (ex-manager/colleague/HR contact). This gives us circular network effects when new users enter the network. The other 50% and the remainder not earned is burned, hence the diminishing nature of Zinc.

Holding nature: We believe that as work becomes more fragmented people will work in small freelance roles across multiple organisations or networks. Having a digital work identity live at all times will be essential. So, the 3rd utility, the subscription fee, gives us the holding nature of Zinc.

We believe that in the future of work DAO’s will be commonplace and work will become more global and autonomous. So the importance of owning your work experience and reputation in your Zinc profile will become paramount to your digital identity.

Network effects: Many say that tokens are all about network effects. We would be inclined to agree but would add that it’s about trust and usability for apps too. Zinc offers information at a protocol level, in the Zinc trust protocol. We offer application layer value and real usability too with our referencing/rating dApp & Zinc profile webpage.

The proof of work experience, reputation and skills is protocol level information that can be plugged into many different apps and built on top of. The more workers and companies that use these apps or build on top of the protocol, the more value Zinc has.

It’s important to stress that Zinc is not merely a technical solution to the problems of data centralisation. Blockchain allows for the tracing of provenance online and, by collecting reference data on the blockchain, Zinc enables the tracing back of these peer to peer proofs. Workers can prove the provenance of their information, then truly owning this data, forever.

Zinc provides the infrastructure to give workers, companies, managers and colleagues aligned economic incentive so that peer to peer proofing is possible. This results in better information for all. Platform fees will be dispersed back to the rightful owner of the data ~ the worker. Zinc is here for the long term and we are focused on driving the long term value of Zinc and the adoption of the Zinc trust protocol.

Need for Zinc : We’ve been asked many times… Why not use ETH to power Zinc? As mentioned above Zinc comes will governance rights in the Zinc DAO. The DAO is very central to our thinking and vision for the future of work. In the Zinc DAO anyone that has a stake in Zinc has an influence on the decentralised organisation. Therefore owning Zinc will give you voting rights in decisions on the protocol and network.

Furthermore, it should be noted that Zinc is going to be transacted on our POA network. We’re not building on the Ethereum Mainnet. We’re building a public, POA, consortium blockchain which is Ethereum based. This solves scaling and gives us zero transaction fees. Recently Vitalik Buterin said Consortium chains were the best short-medium term solutions to scaling. It seems we were ahead of the curve in backing cross blockchain bridges to win the race over scalability solutions. Hence the Zinc token is essential and will be the lifeblood of anything built on our trust protocol.

Thanks for persevering this far to find out about Zinc. If you have any questions join our telegram chat. Follow us on Medium, Twitter, or read more at >>Zinc.work<<

Disclaimer: Zinc’s Coinception Crowdsale is not an investment opportunity in Zinc. This blog does not constitute investment advice, I’m heavily under-qualified to provide that. Whilst we borrow models from different funding approaches the Coinception crowdsale is an open opportunity to purchase utility tokens that represent no stake in the UK Ltd company R-Block.